GLAS is thrilled to share that we recently acted as Information Agent for Project Lietzenburger Straße Holdco Sarl (Holdco) on the groundbreaking successful completion of its Part 26A restructuring plan, managed by a cross-border GLAS deal team throughout Europe.
GLAS also took over several roles on the transaction post restructuring as part of Project Fürst which was handled by the GLAS Frankfurt team.
An industry first use of the flexible Part 26A Restructuring Plan Process
This transaction is the first successful use of the flexible Part 26A restructuring plan process for a German real estate development asset with more than EUR1 billion of German law governed debt instruments restructured pursuant to the Plan.
This transaction is the only instance of a major real estate group restructuring in Europe, and it sets a unique precedent for restructuring within a major European real estate group and represents only the second instance where the court has exercised its authority to strip “out of the money” junior creditors of their rights under sections 901C(4) and 901F of the Companies Act 2006.
As part of the restructuring process, Holdco effected a “COMI Shift” to relocate its center of main interests to the UK to ensure it had access to the powerful and flexible Part 26A Restructuring Plan Process.
The plan was approved by 97.3% of creditors and once complete, the Fürst Group can resume the development of the project on Kurfürstendamm boulevard in the heart of Berlin.
GLAS’ ongoing engagement with Project Fürst
Following completion of the Plan, GLAS has been engaged to work on pursuant transactions to the restructuring. GLAS is delighted to be involved in the continuous process, and will act as Facility Agent, Security Agent, Paying Agent and Escrow Agent among others.
About GLAS
GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.
GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of €360bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.